FINAL RESULTS AND AUDIT UPDATE

RNS Number : 9035C

Ariana Resources PLC

24 June 2021

 

24 June 2021

AIM: AAU

FINAL RESULTS AND AUDIT UPDATE

Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed exploration and development company operating in Europe, announces that, further to the guidance provided by AIM Regulation on 27 January 2021, the Company has been granted an extension of up to three months for the reporting and filing of its financial results for the year ended 31 December 2020. As such, the Company will publish these results as soon as possible, but by no later than 30 September 2021.

Dr. Kerim Sener, Managing Director, commented:

"We are pleased to update the market on our operations in Turkey ahead of publication of our final results and will be making further announcements on other significant project developments during July.  Due to delays experienced as a result of continuing restrictions on travel to and within Turkey, our audit process continues, and it is expected that the annual report will now be finalised during early July, with a view to announcing and posting later in July and holding our Annual General Meeting (AGM) in August.

"Our joint venture operations in Turkey, comprising the Kiziltepe Mine and the Tavsan and Salinbas projects ("JV"), produced 18,645 ounces of gold to the end of 2020, as reported in January 2021.  JV production has continued uninterrupted and the Kiziltepe Mine continues to perform in accordance with the guidance provided in March 2021, from which we are expecting 19,000 ounces of gold to be produced by year end.  The JV has recently completed a 10,052m drilling programme at Kiziltepe, and drilling operations are now continuing on Kepez and other nearby prospects.  Preparation for new drilling campaigns at Tavsan and Salinbas are also well underway and are expected to commence during the summer.

"Following completion of our enhanced JV with Ozaltin Holding A.S. and Proccea Construction Co. and the reduction in the Company's holding to 23.5%, Ariana adopted a six-monthly reporting cycle (previously quarterly).  This divestment resulted in the payment of US$35.75 million by our project partners to the Company during the period to June 2021.  A further US$2 million is expected to be paid in instalments once the transfers of our Satellite Projects to the JV are completed by the authorities.  The JV is currently in the process of completing a process plant expansion, enabling higher throughput up to 500,000 tonnes of ore per annum, and which is expected to be operational from early H2 2021."

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").

Contacts:

Ariana Resources plc	Tel: [phone]
Michael de Villiers, Chairman
Kerim Sener, Managing Director
Beaumont Cornish Limited - Nominated Adviser and Broker	Tel: [phone]
Roland Cornish / Felicity Geidt
Panmure Gordon (UK) Limited - Broker	Tel: [phone]
John Prior / Hugh Rich / Atholl Tweedie
Yellow Jersey PR Limited - Public Relations	Tel: [phone]
Dom Barretto / Joe Burgess / Henry Wilkinson	[e-mail]

Editors' Note:

About Ariana Resources:

Ariana is an AIM-listed mineral exploration and development company with an exceptional track-record of creating value for its shareholders through its interests in active mining projects and investments in exploration companies. Its current interests include gold production in Turkey and copper-gold exploration and development projects in Cyprus and Kosovo. 

The Company holds 23.5% interest in Zenit Madencilik San. ve Tic. A.S. a joint venture with Ozaltin Holding A.S. and Proccea Construction Co. in Turkey which contains a depleted total of c. 2.1 million ounces of gold and other metals (as at July 2020). The joint venture comprises the Kiziltepe Mine and the Tavsan and Salinbas projects. 

The Kiziltepe Gold-Silver Mine is located in western Turkey and contains a depleted JORC Measured, Indicated and Inferred Resource of 227,000 ounces gold and 0.7 million ounces silver (as at April 2020). The mine has been in profitable production since 2017 and is expected to produce at a rate of c.20,000 ounces of gold per annum to at least the mid-2020s. A Net Smelter Return ("NSR") royalty of 2.5% on production is being paid to Franco-Nevada Corporation.

The Tavsan Gold Project is located in western Turkey and contains a JORC Measured, Indicated and Inferred Resource of 253,000 ounces gold and 3.7 million ounces silver (as at June 2020). The project is being progressed through permitting and an Environmental Impact Assessment, with the intention of developing the site to become the second joint venture gold mining operation. A NSR royalty of up to 2% on future production is payable to Sandstorm Gold. 

The Salinbas Gold Project is located in north-eastern Turkey and contains a JORC Measured, Indicated and Inferred Resource of 1.5 million ounces of gold (as at July 2020). It is located within the multi-million ounce Artvin Goldfield, which contains the "Hot Gold Corridor" comprising several significant gold-copper projects including the 4 million ounce Hot Maden project, which lies 16km to the south of Salinbas. A NSR royalty of up to 2% on future production is payable to Eldorado Gold Corporation.

Ariana is currently earning-in to 75% of Western Tethyan Resources Ltd ("WTR"), which operates across Eastern Europe and is based in Pristina, Republic of Kosovo.  The company is targeting its exploration on major copper-gold deposits across the porphyry-epithermal transition.

Ariana is also earning-in to 50% of UK-registered Venus Minerals Ltd ("Venus") and has to date earned into an entitlement to 26%. Venus is focused on the exploration and development of copper-gold assets in Cyprus which contain a combined JORC Inferred Resource of 9.5Mt @ 0.65% copper (excluding additional gold, silver and zinc).

Panmure Gordon (UK) Limited is broker to the Company and Beaumont Cornish Limited is the Company's Nominated Adviser and Broker.

For further information on Ariana you are invited to visit the Company's website at www.arianaresources.com .

 

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